The bottom line is that if you can’t show sufficient funds in advance, you won’t be granted a student visa at all.
Financial Requirements for F-1 Student Visa:
Liquid assets sufficient to fund the entire first year of the program of study. Liquid assets are those financial resources which are readily available in cash or can be converted to cash easily.
For Ex. Bank Balance, Fixed Deposits, Equity and Mutual Funds, Stocks, Gold, Insurance policies and Provident Funds.
Fixed Assets sufficient to fund the remaining duration of the program of study. This can include loan, property valuation reports etc.
Note that a solvency certificate issued by a bank does not qualify as a proof of fund for the duration of your program of study. Also, it is advisable that you should not transfer a sudden huge deposit in your bank account from a friend or a relative since it can raise the visa officer’s (VO) eyebrows. Be ready to explain the origin of the transaction if you’re doing so. Your sponsors can be Self Sponsored or Parents or Relatives or Scholarships or Assistantships from the university or Scholarships from government or other agencies
Financial Documents for F-1 Student Visa:
1. Original Affidavit of Support from your sponsor
2. Original Bank Records (Bank Statements or Passbook) of sponsors for the past six months and/or fixed deposit statements of your sponsors.
3. Original Income Tax Returns for the past 3 years (Specifically form 16)
4. Proof of employment of sponsors such as salary slips and/or employment letters.
5. If your sponsor is a businessman, you must provide a balance sheet of the business for the past 3 years.
6. In case if the sponsor is a farmer, then the appropriate land papers must be provided.
7. Financial aid from the university in the form of a scholarship, fellowship or an assistantship (TA/GA/RA)In case the applicant chooses to show this, they shall require confirmation that a similar financial aid will be available for the entire duration of the program.
8. Financial aid from the student’s home government if the government is sponsoring your studies.
9. Gold Valuation Report
10. Property Valuation Report
11. Share Certificates (as applicable)
12. Mutual Fund Statement (as applicable)
13. Insurance Policy Statement (as applicable)
14. Postal Savings (as applicable)
15. CA Statement showing a short summary of the proof of funds.
16. Salary Slip if you’re employed (as applicable)
17. Income Tax Returns if you’re employed (as applicable)
With the Financial documents, You are showing the concrete proof for funding your education to the Visa officer.